Category Archives: Moncton

Price for a Moncton single family detached dwelling slipping in 2016

| Buyers of Moncton homes are having it their way as the Moncton benchmark price slipped in each of the first four months of 2016. The benchmark price for a detached home in Moncton North is the highest in the city. That said, it has fared slightly better than the three other sub-areas: Center, East and West. Currently there is a more than ample supply of homes listed for sale in the real estate market. Buyers will likely have the advantage in the local market for the rest of this year. However buyers will still need to be diligent when shopping in this real estate market. Buyers would be wise to be represented by their own agent. Comparing properties and negotiating conditions, prices and terms can be daunting.

Buyers of new housing offered for sale in the City of #Moncton choose styles of housing that meet their finances and their needs. My graph below illustrates that in 2013 and 2014, semi-detached housing was chosen by two out of three Moncton new housing buyers.

Revealing research about sales prices versus property assessments of residential dwellings located in the City of Moncton

At first I was researching only sales of vacant single family detached dwellings. The period I selected was the first three quarters of 2014. After compiling 103 sales (of which 38 were foreclosed dwellings), the relationship between the sale prices and the assessments was surprising. Many of these vacant Moncton dwellings sold for less than their assessed values. And some foreclosed properties sold for significantly less.

Then I decided to expanded my research to sales of owner occupied single family detached dwellings. Again I chose only Moncton dwellings sold in the same nine month period. I compiled an additional 304 sales.

Together these 407 sales amounted to a total value of $76,535,920. Surprisingly the total value of the 2014 assessments for the 407 dwellings amounted to $77,254,900. And please note that property assessment amounts are supposed to be the “real and true value” as of January 1st of the year, in this case 2014. These sales in the first three quarters of 2014 totaled about 99% of their assessed values on January 1.

January 1, 2015 is almost here. Will 2015 assessments increase for single family detached properties located in the City of Moncton? It appears that 2014 property assessments are maxed out. What would justify assessment increases on January 1? Homeowners will discover their 2015 property assessments in March when the property tax bill arrives in the mail.